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A digital bank about to hit the property market

The digital currency that is slowly creeping into the wallets of those around the world has now made an appearance in the Australian property market. A vendor in Melbourne’s outer east suburb has made the bold move to be part of the growing trend with offering Bitcoin as a partial payment for the 5-bedroom home located in The Basin. To view the property for sale, please click here.

What is bitcoin and how does it work?

Bitcoin is a newly circulated type of digital cryptocurrency. Block-chain (the technology behind cryptocurrency) is an anonymous and protected database that records digital transactions. This informal currency can only be used to buy things electronically. This does mean there is no ‘Physical’ currency available- which does limit the popularity to those who prefer the widely circulated coins and notes.

However, Bitcoin’s most important characteristic is that it is decentralised which means no institution controls the Bitcoin network. This is a huge positive for those who don’t want their money controlled by a large bank.

The seller of The Basin property, Rob, believes that marketing the property as Bitcoin-friendly could be the deciding factor in someone’s ability to purchase the house. With many sellers already struggling to get a sale profit they’re happy with, standing out and attracting even more of a crowd can be very beneficial for the sake of the sale price.